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The voice of building societies
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Responding to the Prime Minister’s speech today at the Conservative Party Conference, Robin Fieth, Chief Executive of the Building Societies Association commented:
“We’re delighted that the Prime Minister has announced that the Government is scrapping the cap on council borrowing limits against the Housing Revenue Account, today in her speech at the Conservative Party Conference – something we have been campaigning for over a number of years.
Consumer confidence in home purchase has dropped in September, with the BSA’s Property Tracker Index¹ at -4%, down on June’s figure of -1%. The UK Public has now been net negative about the time being right to buy a new home, for 6 consecutive quarters.
Lending and savings figures from the building society sector for the three months to June¹ show that the sector accounted for over a third (37%) of the growth in the mortgage market, and took more than a quarter (27%) of cash savings deposits.
Between 1 January and 30 June 2018, 89% of cash ISA transfers have been completed within seven working days, above the 85% commitment made by the BSA, UK Finance and TISA.
Commenting on today’s Bank Base Rate rise, Paul Broadhead, Head of Mortgage and Housing Policy at the BSA said:
“Today’s MPC decision means the Bank Base Rate is now at its highest level for over nine years, although interest rates still remain low relative to their historic averages.
BSA publishes its submission, responding to the FCA Mortgages Market Study Interim Report as the BSA, UK Finance and IMLA announce a cross-industry voluntary commitment to help 'ineligible' borrowers tied to reversion rates switch products
BSA, UK Finance and IMLA announce a cross-industry voluntary commitment to help 'ineligible' borrowers tied to reversion rates switch products. The initial agreement was reached between 59 lenders covering 93% of the mortgage market., but more lenders have subsequently signed up - the up to date list of lenders who have is here
“The BSA welcomes the FCA’s discussion paper on Price discrimination in the cash savings market.
“The paper notes that building societies ‘tend to offer higher interest rates than banks already and many have relatively small back-books’. This is reinforced in recent independent Savings Champion data...
Independent research from Savings Champion revealed that building societies continue to outperform banks when it comes to savings.
Seven in 10 (70%) of us say that the difficulties young people have getting onto the housing ladder is one of the biggest problems we have in Britain today.
Released today, lending and savings figures from the BSA for Q1 2018 show that building societies were accountable for 43% of the growth in the mortgage market, and took 40% of cash savings deposits between January and March.